Puerto Rico sales tax soar as territory exceeds revenue expectations

Puerto Rico’s sales tax bonds surged as much as 30% this past week due to promising performance from companies like Popular Inc, FirstBank Puerto Rico, and OFG Bancorp, all of which reported good growth from second quarter (Q2). The bonds rose as high as 53 cents on the US dollar this past Wednesday, compared to 41 cents just prior. Popular Inc. (BPOP) showed the strongest reports for Q2, with $491.56 million in revenue and $279.78 million in net income, exceeding Q2 2017 income by 17%. Adjusting to include the end of FDIC’s last year agreement, net income was $120...

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